5928 South Hoover Street, Los Angeles, CA 90044
5928 South Hoover Street, Los Angeles, CA 90044
5928 South Hoover Street, Los Angeles, CA 90044
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John R Thompson

John R Thompson

+1(805) 796-5221
Listed by Handoko Chen • Growth Investment Group Pasade
$3,400,000
Est. payment /mo
6,709 SqFt
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Key Details

Property Type Single Family Home

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Square Footage 6,709 sqft

Price per Sqft $506

MLS Listing ID AR-26137954

Style Spanish

Year Built 1923

Lot Size 10,557 Sqft

Property Sub-Type Apartment

Source California Regional Multiple Listing Service (CRMLS)

Property Description

Price Reduction! Renovated 15-unit building (13 Units + 2 Brand New Non-RSO ADUs) cash flowing at a whopping 8% In-place CAP Rate providing over 12% Cash-on-cash return. Major capital improvements completed including new roofs, new electrical, new plumbing, new double pane windows throughout, new exterior paint, new entrance gate, new landscaping, and 10 of the 13 units have been completely upgraded + 2 New ADUs in the back (Not Subject to Rent Control). It offers significant upside to a 9.4% Proforma CAP Rate upon the remaining 3 non-upgraded units turnover. Combine this high return + its newer year built + ease of maintenance, this offering is perfect for a 1031 exchange buyer or an experienced investor looking for high cash flow + easy to maintain assets. The main property was built in 1923 and completely renovated with permits in 2023. The building offers single-story spanish style units with an efficent mix for the area, consisting of ten (10) 1bed+1bath and five (5) Studio units. The property sits on a large 10,554 SF C2 zoned lot and includes RTI plans to convert 2 brand new ADUs into 6 ADUs, adding additional 4 units. It is centrally located in a highly desirable area just minutes away from the home of LAFC our city's premier professional soccer team, BMO Stadium, USC, Crypto Arena, Home of the Lakers, Clippers, and LA Kings. ) Expo Park and the Metro Green Line. These properties are in a high density and high demand area which provides a consistent flow of renters for future vacancies. The units are individually metered for electricity and gas and tenants pay for trash therefore minimizing the operating expenses.

Location

State CA

County Los Angeles

Area C34 - Los Angeles Sw

Interior

Heating Wall Furnace

Flooring Laminate, Vinyl, Wood

Fireplaces Type None

Laundry None

Exterior

Parking Features None

Pool None

Community Features Urban

Utilities Available Sewer Connected, Water Connected, Cable Connected, Electricity Connected, Natural Gas Connected, Phone Not Available

View Y/N No

View None

Building

Lot Description Level, Level with Street, Lot 10000-19999 Sqft, Near Public Transit, Rectangular Lot

Sewer Public Sewer

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John R Thompson

John R Thompson

+1(805) 796-5221

Broker/Owner | License ID: 01200900

Broker/Owner License ID: 01200900

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5928 South Hoover Street